South Cotabato Governor Reynaldo S. Tamayo Jr. said Monday, August 17, that the province is willing to provide more incentives to qualified investors who are willing to put up their businesses in the province.
The local chief executive made the offer as the provincial government granted a 10-year tax holiday to Surallah Power Generation, Inc. (SPGI) for its 6-Megawatt Power Plant Facility located at Sitio Morales, Barangay Centrala in Surallah town.
SPGI has applied to avail the incentive under the Ordinance No. 25, Series of 2014, otherwise known as “The South Cotabato Investment Code of 2014” as amended by Ordinance No. 17, Series of 2017.
Upon receipt of its application, the South Cotabato Economic and Investments Promotion Center (SCEIPC), together with the Provincial Assessor’s Office, conducted a site inspection last July 28 and submitted the report to the South Cotabato Investment Board.
On August 5, the South Cotabato Investment Board chaired and presided by Tamayo conducted an assessment and evaluation meeting and found out that the company has complied with all the documentary requirements and has substantially met the criteria in the availment of incentives.
The criteria include business operation being aligned with the development vision of the province as expressed in the Provincial Development and Physical Framework Plan (PPDFP); it is aligned with the development priorities of the province in terms of economic development; the business activity would be vital to the economy when it comes to capacity to generate employment and poverty reduction as well as adding value to the raw materials produced in the province; and SPGI’s 6MW Biomass Power Plant Facility is included among the high priority projects or industries of the province under Section 20 of the Code.
With these, SPGI was granted an exemption from payment of Basic Real Property Tax to the full amount of the province’s share for the period of five years from C.Y. 2021 – 2030.
The company is required to submit its Corporate Social Responsibility plans and other needed regular reports and should source out at least 80 percent of their labor force requirement from within the province.